The present invention relates to novel modeling techniques in general and, in particular, to workforce planning techniques.
Business leaders consistently identify “attracting, retaining, and developing talent” as a priority, as well as a top business challenge for the future. They recognize that success often depends on having the right people, in the right place, at the right time, and for the right cost. The ability to anticipate and rapidly respond to changing workforce needs, and to allocate resources to meet those needs, takes on increased importance in the dynamic economy of today.
While talent is a top priority, many organizations find it challenging to manage their workforce as strategically as they do their financial and physical assets or their customer requirements. The pace of change within economies, industries, and organizations continues to accelerate, while labor markets continue to become more competitive and more global, and the workforce continues to become more diverse in terms of its demographics, expectations, and goals. There is, therefore, a need in the art for novel models and tools to allow human capital recommendations and decisions to be made based on data and analytics, instead of relying on anecdotes and assumptions.